Rockpoint Group Acquires Development Site In Miami Beach For $18.2M
SOLD
Florida
See Similar DealsDevelopment Site105,731 SF
Sold 05/25/2020
SOLD
Rockpoint Group Acquires Development Site In Miami Beach For $18.2M
4000 Alton Road, Miami Beach, FL 33140, USA
See Similar DealsDevelopment Site105,731 SF
Sold 05/25/2020
Summary
FLORIDA
Asset Type:Development Site
Price Per Square Foot:$172
Total Square Footage:105,731 SF
Transaction Type:Sale
Rockpoint Group has acquired a development site located at 4000 Alton Road in Miami Beach. The property was sold by Mast Capital for a total sale price of $18,200,000. The transaction took place on May 25, 2021.
Summary of transaction details:
- Property Type: Development Site
- Sale Price: $18,200,000
- Buyer: Rockpoint Group (represented by Keith Gelb & Bill Walton)
- Seller: Mast Capital (represented by Camilo Miguel Jr)
- Date: 05/25/2021
- Market: Miami Beach
Camilo Miguel Jr represented Mast Capital in the deal, while Keith Gelb and Bill Walton acted as Rockpoint Group's representatives. The acquisition marks a significant transaction in the Miami Beach real estate market.
Players
LENDER
Details
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$970,666.67
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$64,660.75
Cash-on-Cash Return-1.27%
Monthly Debt Service$86,277.29
Annual Debt Service$1,035,327.42
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